97.62% of the Rs 2,000 currency notes, according to RBI, are back in circulation and are still legal tender
In a press statement on March 1, 2024, the RBI said that about 97.62 percent of the Rs 2,000 notes that were in circulation as of May 19, 2023, have found their way back into the banking system.
The RBI noted in a statement that as of the end of business on February 29, 2024, the total value of ₹2000 banknotes in circulation has decreased to ₹8470 crore from ₹3.56 lakh crore on May 19, 2023, when the removal of ₹2000 banknotes was announced.
The RBI said on Friday that the Rs 2,000 banknotes are still valid forms of payment.
As part of its clean note policy, the central bank declared the removal of the high-value denomination banknotes from circulation.
All bank branches nationwide offered the option to deposit and/or exchange ₹2000 banknotes till October 07, 2023.
Individuals and corporations may deposit ₹2000 banknotes into the bank accounts of RBI Issue Offices starting on October 09, 2023. In addition, people are using India Post to mail ₹2000 in banknotes from any post office in the nation to any RBI Issue Office so that the money may be credited to their bank accounts.
